GE invests in SunEdison's new emerging markets yieldco

US renewables major SunEdison Inc (NYSE:SUNE) said Tuesday it has concluded a USD-335-million (USD 298m) private placement of membership interests in its emerging markets yieldco TerraForm Global LLC.

TerraForm Global filed for an initial public offering (IPO) in May. It has entered into a separate share purchase agreement for USD 67.5 million of its Class A common stock, conditioned upon the IPO closing.

Both placements were entered into with institutional investors, among which is General Electric (NYSE:GE). The latter said today in a statement it has made a USD-25-million investment in the SunEdison subsidiary. The move is expected to back new wind pipeline opportunities for TerraForm Global, GE said, adding that it will provide life cycle operations and maintenance support for the yieldco’s international wind fleet. The two companies will also be exploring additional opportunities for growth-oriented collaboration.

“Together with SunEdison, we will significantly increase wind developments in key growth regions like Latin America, Europe, India and China,” commented Anne McEntee, headof GE’s renewable energy business.

Early in May, SunEdison announced seven acquisition deals that will add over 750 MW of operating plants and 1.9 GW of third-party Right of First Offer (ROFO) projects to the yieldco platform. Through several placements the company will finance merger and acquisition (M&A) transactions for TerraForm Global and other activities.

(USD 1 = EUR 0.888)

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